Nuvama Wealth Management Limited

INR 88.5

NUVAMA Investor Presentation Q2 FY26 Exchange rate of 1 USD = INR 88.5 has been assumed 1 Contents 1 2 3 4 About Us Industry Overview Performance Update Strate

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ownership: PAG (promoter of company), one of the largest Asia-based alternative investment managers 2. INDUSTRY OVERVIEW suite of offerings ▪ Integrated wealth management platform with exhaustive

31%

rs of existence Integrated Wealth Management platform Proven Execution Revenue FY25 US $ 328 Mn-31% CAGR 4Y Operating PAT FY25: US $ 111 Mn-49% CAGR 4Y 1. All figures are as on 30th September 2025 u

49%

nt platform Proven Execution Revenue FY25 US $ 328 Mn-31% CAGR 4Y Operating PAT FY25: US $ 111 Mn-49% CAGR 4Y 1. All figures are as on 30th September 2025 unless mentioned otherwise 4 Majority owne

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nboarding, Transactions Servicing, Reporting, Advice Empowering Clients and Relationship Managers 6 Evolved from individual businesses into an INTEGRATED WEALTH MANAGEMENT PLATFORM 2. Global Partne

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xperience and accelerating business growth acquires a controlling stake New Brand & Headquarters 1. Built Businesses - Backed By High- quality Parentage Wealth & Asset Management Asset Services

75%

over client segments constituting majority of wealth ~35K Households ~30 lacs Households 70-75% of total financial wealth UHNI HNI & AFFLUENT MASS MARKET RETAIL 9 UNIQUE BUSINESS MODEL

19%

NE NUVAMA 10 A HIGH GROWTH COMPANY with diversified and superior quality of earnings Revenue +19% 178 115 +31% 233 134 +41% 328 161 All figures are in US $ Mn % are YoY 113 55 38 19 - F

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COMPANY with diversified and superior quality of earnings Revenue +19% 178 115 +31% 233 134 +41% 328 161 All figures are in US $ Mn % are YoY 113 55 38 19 - FY21 +32% 149 85 44 19 2

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115 +31% 233 134 +41% 328 161 All figures are in US $ Mn % are YoY 113 55 38 19 - FY21 +32% 149 85 44 19 2 FY22 37 18 8 FY23 54 37 7 FY24 86 74 7 FY25 Wealth Management As

6.5x

EGY 12 India’s wealth landscape - powered by secular growth trends PRESENT WEALTH TO GDP USA 6.5x INDIA 4.5x SHARE OF FINANCIAL WEALTH USA 70% INDIA 25% PROFESSIONALLY MANAGED WEALTH USA

4.5x

a’s wealth landscape - powered by secular growth trends PRESENT WEALTH TO GDP USA 6.5x INDIA 4.5x SHARE OF FINANCIAL WEALTH USA 70% INDIA 25% PROFESSIONALLY MANAGED WEALTH USA 75% INDIA 1

“Journey over years CLIENT ASSETS - ASSET SERVICES REVENUES - ASSET SERVICES 4Y CAGR 47% 14,243 14,143 10,300 15% 11,977 4,374 4,919 3,057 4Y CAGR 41% 19 19 18 74 37 24% 40 32 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 REVENUES - CAPITAL MARKETS 4Y CAGR 23% 86 44 38 37 54 48 19% 38 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 43”

“Performance Metrics Revenue - Asset Services (US $ Mn and YoY) Revenue - Capital Markets (US $ Mn and YoY) Profit Before Tax (US $ Mn and YoY) +24% 40 32 +5% 18 17 48 -19% 38 25 -28% 18 26 -16% 22 -1% 47 48 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 1.”

“Emissions stood at 998 tCO2e for H1 FY26 o Waste reduced to 111 MT in H1 FY26 (segregation practices implemented) o All e-waste is disposed via certified vendors o Water saving initiatives undertaken like sensors and aerators in taps, dual flush system, etc.”

“Profits in last 4 years for Wealth grew at CAGR of 69% and Asset Services & Capital Markets at CAGR of 43%.”

“Commercial Real Estate Fund - JV with Cushman & Wakefield 50 Well DEFINED TRAJECTORY for each segment STRATEGY FOCUS AREAS EXECUTION MARKERS Sep’23 In 5 years grow clients assets to 2-2.5x or 15-20% CAGR Asset Services Grow assets under Clearing and Custody International Institutional Domestic Institutional Enterprise (Technology Client Group Client Group (AIF, PMS) and Operations) Grow clients and expand Grow clients and Get future ready to footprint.”

“Total revenue includes minor amount towards corporate and eliminations - FY21 US $ 1 Mn, FY22 US $ (1) Mn, FY23 US $ 0.2 Mn, FY24 US $ 1 Mn and FY25 US $ 0.1 Mn.”

Nuvama Asset Services and Capital Markets

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Improved market share

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DISCLAIMER

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NOTES

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Improved market share

~20% of relevant new clients in our select segments c) Won accolades: Recognized by global industry bodies as ‘The leading custodian’ and won many other awards WM: Wealth Management, AM: Asset Management, AS: Asset Services and CM: Capital Markets 42

Nuvama Asset Services and Capital Markets

Journey over years CLIENT ASSETS - ASSET SERVICES REVENUES - ASSET SERVICES 4Y CAGR 47% 14,243 14,143 10,300 15% 11,977 4,374 4,919 3,057 4Y CAGR 41% 19 19 18 74 37 24% 40 32 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 REVENUES - CAPITAL MARKETS 4Y CAGR 23% 86 44 38 37 54 48 19% 38 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 43

Nuvama Asset Services and Capital Markets

Performance Metrics Revenue - Asset Services (US $ Mn and YoY) Revenue - Capital Markets (US $ Mn and YoY) Profit Before Tax (US $ Mn and YoY) +24% 40 32 +5% 18 17 48 -19% 38 25 -28% 18 26 -16% 22 -1% 47 48 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 1. Asset Services Q2 revenues grew by 5% YoY - demonstrating resilience and sustained client engagement across segments 2. Capital Markets Q2 revenues were lower by 28% YoY, primarily due to moderation in secondary market volume 3. Strong traction on the Fixed Income side continues, led by robust market activity and enhanced client coverage 44 Doing it right ! Driving growth, earning recognition Recognized with prestigious awards for excellence o Most Effective Investment Service Offering - Private Banker International Global Wealth Awards 2025 o Highly Acclaimed: Best Private Bank for Alternative Investments - Global Private Banking Innovation Awards 2025 o Social Media Campaign Of the y

DISCLAIMER

This presentation and the discussion may contain certain words or phrases that are forward-looking statements, which are tentative, based on current expectations of the management of Nuvama Wealth Management Limited or any of its subsidiaries, associate companies and joint ventures (“Nuvama”). Actual results may vary from the forward-looking statements contained in this presentations due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India and outside India, volatility in interest rates and in the securities market, new regulations and Government policies that may impact the businesses of Nuvama as well as the ability to implement its strategy. The information contained herein is as of the date referenced and Nuvama does not undertake any obligation to update these statements. Nuvama has obtained all market data and other information from sources believed to be reliable or are its internal estimates unless ot

NOTES

Slide 7: Slide 8: Slide 9: Slide 11: Slide 13: Slide 14: Pursuant to approvals received from SEBI and exchanges, Nuvama Wealth Management Limited was listed on BSE and NSE on 26th September 2023 Company research and estimates Kotak Wealth Report, Karvy Wealth Report, Mckinsey Wealth Reports, Credit Suisse Global Wealth Reports | 2017-2022 and company estimates Revenue incorporates impact of phase 3 demerger to include merchant banking & advisory services businesses. Revenue calculated by reducing finance cost and variable business expenses from gross revenue. Total revenue includes minor amount towards corporate and eliminations - FY21 US $ 1 Mn, FY22 US $ (1) Mn, FY23 US $ 0.2 Mn, FY24 US $ 1 Mn and FY25 US $ 0.1 Mn. Asset Management business was started in FY21 and new schemes were launched in FY22 IMF, OECD, Federal Reserve, Karvy Wealth Reports, World Bank, Credit Suisse Global Wealth Reports 2021,2022, Citi Research, Financial Times and internal company estimates Avendus, AMFI, SE